French automaker Renault signs a long-awaited joint venture deal with Iran worth €660 million ($779 million) to build up to 300,000 cars per year.
The new deal puts Renault in partnership with Iran’s state Industrial Development and Renovation Organisation (IDRO) and private firm Parto Negin Naseh. Renault will hold a 60 percent stake with IDRO and Parto Negin Naseh 20 percent each.
“The first phase of this accord worth 660 million euros provides for the annual manufacturing of 150,000 cars,” IDRO head Mansour Moazami says at a signing ceremony in Tehran.
He said the first cars will roll off the assembly line in around 18 months.
Thierry Bollore (R), deputy director of Competitiveness at Renault, and Iranian Minister of Industry Mohammad Reza Nematzadeh attend a press conference following a signing of a deal ceremony in Tehran on August 7, 2017. (AFP Photo/Atta Kenare)
“We are happy to sign one of Renault’s most historical contracts here,” says Thierry Bollore, number two of the French carmaker, at the signing. “Within Renault, Iran is known for its great industrial potential, its automotive industry infrastructure, strong human resources and unique geopolitical position.”
French firms have been at the forefront of rebuilding trade ties with Iran since the nuclear deal, with energy giant Total signing a billion-dollar gas deal last month despite mounting pressure from Washington to isolate the country.
— AFP
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